logo-loader
viewCustodian REIT

Custodian REIT sells town centre retail unit in Dumfries

The property was acquired as part of a portfolio in September 2014

The Galloway River in Dumfries
The Galloway River in Dumfries

Custodian REIT PLC (LON:CREI) has sold a 20,424 square foot town centre retail unit in Dumfries for £1.125mln.

The UK property investment company said the sale price was in line with the 30 June 2018 valuation.

READ: Custodian REIT PLC sees profits increase as portfolio value rises

The real estate investment trust (REIT) intends to use the proceeds from the disposal to fund acquisitions better aligned with its stated investment strategy.

"Despite a good location within the town let to a strong tenant, we anticipate minimal opportunities for future rental growth and believe the disposal proceeds can be redeployed on property with better income and capital growth prospects," said Richard Shepherd-Cross, the managing director of Custodian Capital, which is the REIT's external fund manager.

Shares in Custodian were unchanged in early deals.

Quick facts: Custodian REIT

Price: 89 GBX

LSE:CREI
Market: LSE
Market Cap: £373.85 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Custodian REIT named herein, including the promotion by the Company of Custodian REIT in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Custodian REIT highlights focus on income and continued need for commercial...

Custodian REIT's (LON:CREI) Richard Shepherd-Cross speaks to Proactive London's Andrew Scott following the release of its results to March 2020. He says the outlook for real estate investment is likely to become clearer and potentially more positive as lockdown eases. He adds that around 70% of...

1 week, 1 day ago

2 min read